79
79
Dec 11, 2013
12/13
by
BLOOMBERG
tv
eye 79
favorite 0
quote 0
we will break down the final version of the volcker rule coming up. and that's the end of the road for the volkswagen minibus. they are going to stop making it altogether because of new safety and environmental regulations. there is a beautiful old one. it has been on the road since 1950. ♪ >> in wall street, this is a big day for the volcker rule, the one with a bunch of new regulations meant to ban proprietary trading at big banks. that means they cannot trade money that does not help the clients. fed chair ben bernanke says the volcker rule will limit risk- taking. it has been many years in the making. >> i don't think they should make it all that complicated. why are we sitting here three years later? >> where do we stand now, and what exactly is this? >> it does ban proprietary trading for banks on wall street, trading off their own accounts, trying to profit off their own accounts. it also bans them from participating with some limitations and hedge funds and private equity funds. the language is very important. it is tougher on the hedging si
we will break down the final version of the volcker rule coming up. and that's the end of the road for the volkswagen minibus. they are going to stop making it altogether because of new safety and environmental regulations. there is a beautiful old one. it has been on the road since 1950. ♪ >> in wall street, this is a big day for the volcker rule, the one with a bunch of new regulations meant to ban proprietary trading at big banks. that means they cannot trade money that does not help...
15
15
tv
eye 15
favorite 0
quote 0
thank you for being here and now i want to start off by asking you under the volcker rule only three percent of the banks total assets can be invested in hedge funds and private equity funds however you see a problem with this you say it's because of the way that bank employees are paid and they're paid for something that is carried interest can you explain the issue that you have with carried interest so carried interest is basically the way that private equity fund managers get paid in the ideas instead of taking some of their money and investing in the fund as a part of their compensation they actually get to share in the profits of that company so if the company that they're managing does really well they get a chunk of the issues that i have is there's a little bit of a double standard so in the volcker rule that carried interest is not treated as an ownership interest and that three percent limit you mentioned is how much the banks can invest in these funds but that compensation that carried interest doesn't count toward the three percent limit so it's not seen as ownership for
thank you for being here and now i want to start off by asking you under the volcker rule only three percent of the banks total assets can be invested in hedge funds and private equity funds however you see a problem with this you say it's because of the way that bank employees are paid and they're paid for something that is carried interest can you explain the issue that you have with carried interest so carried interest is basically the way that private equity fund managers get paid in the...
23
23
tv
eye 23
favorite 0
quote 0
be back very soon and i'm sure this volcker rule will develop a lot more. coming back that was alexis goldstein communications director of the other ninety eight percent time now for today's big deal. because she joins me now to talk about striking picket lines etc now we want to deliver by wednesday december twenty fifth well not so fast hundreds of workers at amazon and germany have walked off the job in an effort to pressure the e-commerce leader to settle on a wage disagreement now these are the first strikes against amazon anywhere in the world and today the strikers plan to rally outside amazon's seattle headquarters a top amazon executive in germany said the workers were mostly unskilled and had been unemployed for a long time implying they should be grateful to work at amazon ritual i turn to you in a down economy when employers have so much power like amazon does do workers have much leverage when they go on strike in a place like germany they have significantly more leverage than they do in the united states and that has to do with germany's labor
be back very soon and i'm sure this volcker rule will develop a lot more. coming back that was alexis goldstein communications director of the other ninety eight percent time now for today's big deal. because she joins me now to talk about striking picket lines etc now we want to deliver by wednesday december twenty fifth well not so fast hundreds of workers at amazon and germany have walked off the job in an effort to pressure the e-commerce leader to settle on a wage disagreement now these...
18
18
tv
eye 18
favorite 0
quote 0
is clearly portrayed as the hero in your film how do you feel about volcker's latest act of valor the volcker rule coming to fruition this week you know i think we will really know until maybe years from now how the volcker rule works i know he was lobbying for some harder you know rules that i think congress or the lobbies really wanted i think the end result was kind of a draw and i think really you know we'll see what happens in terms of the regulation that comes out of the volcker rule it's really just kind of a start to the process i think you know regulation is such a hard thing to do what i think i think at least the rules a step in the right direction the question is is what comes of it i think we really will know now i want to ask you how you feel about stanley fischer the former head of the bank of israel being named number two at the federal reserve. you know i think as many people have noted he was ben bernanke his advisor at mit so i think to me it's just it's it's what i a little bit worried about is is just more of the same you know i think it in our in our film we high
is clearly portrayed as the hero in your film how do you feel about volcker's latest act of valor the volcker rule coming to fruition this week you know i think we will really know until maybe years from now how the volcker rule works i know he was lobbying for some harder you know rules that i think congress or the lobbies really wanted i think the end result was kind of a draw and i think really you know we'll see what happens in terms of the regulation that comes out of the volcker rule it's...
14
14
tv
eye 14
favorite 0
quote 0
now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas can't it's not granted rachel curtis and i discussed the first first major strike against the mega retailer in today's big deal and as we had you a quick break here's a look at some of today's closing numbers figure out. what defines a country's success. faceless figures of economic growth. or a factual standard of living. the best rules in life are to the point and at first the bowker all seem promising don't let banks gamble with customer money. but to no surprise it's much easier said than done now after three years and many many missed lines the vocal rule finally came to fruition last week now lobbyists activists and advocates from both sides are combing through the rule so who exactly are the winners and the losers joining me now alexis goldstein former v.p. of merrill lynch an occupy wall street activist and general know everything wall street. thank you for being here and now i want to start off
now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas can't it's not granted rachel curtis and i discussed the first first major strike against the mega retailer in today's big deal and as we had you a quick break here's a look at some of today's closing numbers figure out. what defines a country's success. faceless figures of economic growth. or a factual standard...
28
28
tv
eye 28
favorite 0
quote 0
now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas and if not for granted rachel perseus and i discussed the purchase of the first major strike against the mega retailer in today's big deal and as we head to a quick break here's a look at some of the day's closing numbers stick around. i would rather as questions to people in positions of power instead of speaking on their behalf and that's why you can find my show larry king now right here on our t.v. question or. well the british. sometimes. go. out of. their. market why not. why not what's really happening to the global economy with mike stronger or no holds barred look at the global financial headlines tune into cars reports. the best rules in life are to the point and at first the vocal rule seem promising don't let banks gamble with customer money but to no surprise it's much easier said than done now after three years and many many missed lines the vocal rule finally came to fruition last week now
now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas and if not for granted rachel perseus and i discussed the purchase of the first major strike against the mega retailer in today's big deal and as we head to a quick break here's a look at some of the day's closing numbers stick around. i would rather as questions to people in positions of power instead of speaking...
52
52
Dec 10, 2013
12/13
by
FBC
tv
eye 52
favorite 0
quote 0
do you know what paul volcker thinks of the final rule? >> i haven't heard from the chairman but i heard from a lot of people today, consumer organization, some end-users like some of the big energy companies and they all think it's a good thing. they think by and large we've done a good job even though as you say it is complex, it is lengthy but overall they believe that we're kept with the intent of the law and it will avoid the potential calamity that we saw in 2008. david: well, bart, my very simper, one sentence, you're more than welcome to use that if there is a third revision of this rule. you don't have to say the asman rule, you can call it the chilton rule if you like. we want simplicity in our law making process. that is the bottom line. got to leave it at that. wonderful to see you. come back to see us soon. >> appreciate it. david: dave. david: bart chilton, cftc commissioner who today voted in favor of the volcker rule. cheryl, over to you. cheryl: david, business travel is actually booming. coming up in a first on fox busine
do you know what paul volcker thinks of the final rule? >> i haven't heard from the chairman but i heard from a lot of people today, consumer organization, some end-users like some of the big energy companies and they all think it's a good thing. they think by and large we've done a good job even though as you say it is complex, it is lengthy but overall they believe that we're kept with the intent of the law and it will avoid the potential calamity that we saw in 2008. david: well, bart,...
113
113
Dec 11, 2013
12/13
by
ALJAZAM
tv
eye 113
favorite 0
quote 0
are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very difficult to enforce. >> i'm not 100% sure that's right. i think the regulators over the past year in the time after the london whale trade of jp morgan, the one that cost them so much money, i think it's the way they're treating banks. i think they're going to be tough. >> look, tie the bonuses tha toe jobs created in the private sector. >> the problem on wall street they say they're about creating jobs but they're about creating money for themselves. >> and trading paper. >> the era when wall street cared about job creation and the rest of the country is long gone. an
are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very...
57
57
Dec 15, 2013
12/13
by
BLOOMBERG
tv
eye 57
favorite 0
quote 0
and also the volcker rule. and talking about paul ryan's future. we begin the show with the senate majority leader harry reid. thank you for being with us. you do not need another all- night session. does this mark the end of this war that has transpired? >> the trouble has not been over the last few days, but over the past five years. there's never been a situation where the president has been treated the way he has by congress. it is no wonder that people feel the way they do about congress. we have had untoward abstraction on everything. the common nation was after five years, that the recognition was after five years. we change the rules. >> are those permanent? >> it is so important. this way no matter who is president, i do not know how people can complain about the majority. people talk about the filibuster as if it were something that is next to the 10 commandments. the filibuster is not part of the constitution. it was developed to help get legislation passed. it is good for the country. who could complain about majority voting? >> with th
and also the volcker rule. and talking about paul ryan's future. we begin the show with the senate majority leader harry reid. thank you for being with us. you do not need another all- night session. does this mark the end of this war that has transpired? >> the trouble has not been over the last few days, but over the past five years. there's never been a situation where the president has been treated the way he has by congress. it is no wonder that people feel the way they do about...
69
69
Dec 14, 2013
12/13
by
BLOOMBERG
tv
eye 69
favorite 0
quote 0
will the volcker rule work? how is it going to work? >> it is only going to work out if there is constant vigilance on the part of regulators. there will be so much discretion to the five regulators charge of overseeing it. they have to be in the banks learning about their models and their best practices and how to distinguish what is huge bets and what is regular banking at david e. >> are there loopholes or legal challenges? >> i believe hundreds of lawyers are trying to figure that out as we speak. the door is open to loopholes. so rules are written vaguely. it depends on whether regulators try to close out this language and what kind of agreement can be found between regulators and the compliance offices within these banks on what these definitions on's regulative trading and hedging actually mean in practice. will be "less liquid markets, higher transaction costs, a weaker financial system, and richard lawyers." lawyers." >> that is a pretty dire protection. it could be worth it from a regulatory it. you do not know. my problem wit
will the volcker rule work? how is it going to work? >> it is only going to work out if there is constant vigilance on the part of regulators. there will be so much discretion to the five regulators charge of overseeing it. they have to be in the banks learning about their models and their best practices and how to distinguish what is huge bets and what is regular banking at david e. >> are there loopholes or legal challenges? >> i believe hundreds of lawyers are trying to...
35
35
Dec 27, 2013
12/13
by
CSPAN2
tv
eye 35
favorite 0
quote 0
in this committee are esteemed people at paul volcker, and a number of other people. so we meets not that frequently that we have meetings in which we are represented with progress on this issue. it's very good to be there because i get to ask a bunch of questions and work with basically what i consider right now the best in d.c. right now and the one most concerned with the public which is the fdic. and so we asked the question could we eliminate the problems just by being able to allow these companies to go into bankruptcy which is something like an cropsey which is the normal thing that a failed company does. if you can't pay your debts you go into bankruptcy. can we create something equivalent to bankruptcies were there won't be collateral damage and that's the issue? well it's very problematic. they have things like title i that are supposed to help like living wage. they're all kinds of issues there and supposedly in title i they would be great supervision and good cooperation. let me just say the fdic is doing a great job trying to do this but it is not the poi
in this committee are esteemed people at paul volcker, and a number of other people. so we meets not that frequently that we have meetings in which we are represented with progress on this issue. it's very good to be there because i get to ask a bunch of questions and work with basically what i consider right now the best in d.c. right now and the one most concerned with the public which is the fdic. and so we asked the question could we eliminate the problems just by being able to allow these...
151
151
Dec 10, 2013
12/13
by
BLOOMBERG
tv
eye 151
favorite 0
quote 1
bernanke says the volcker rule will limit risk- taking. it has been many years in the making. >> i don't think they should make it all that complicated. why are we sitting here three years later? >> where do we stand now, and what exactly is this? >> it does ban proprietary trading for banks on wall street, trading off their own accounts, trying to profit off their own accounts. it also bans them from participating with some limitations and hedge funds and private equity funds. the language is very important. it is tougher on the hedging side of things, things like the london whale trading that jpmorgan went through. we might know exactly -- we might not know exactly how the rule will impact banks. one analyst is not expect all that much. >> traditional market-making activities will be perfectly allowable. what the fed will ultimately be looking at is defining this as a gray area. they probably will not define market-making specifically. they probably will take a "we know it when we see it" approach and if they see too much beatility, that
bernanke says the volcker rule will limit risk- taking. it has been many years in the making. >> i don't think they should make it all that complicated. why are we sitting here three years later? >> where do we stand now, and what exactly is this? >> it does ban proprietary trading for banks on wall street, trading off their own accounts, trying to profit off their own accounts. it also bans them from participating with some limitations and hedge funds and private equity...
112
112
Dec 16, 2013
12/13
by
CNBC
tv
eye 112
favorite 0
quote 0
larry, you want to give it to paul volcker, but in all fairness you worked with paul volcker so maybe you have an inside track on that. >> perhaps i do and i just saw him. look, i've been watching the fed or working at the fed since the middle 1970s. paul volcker is the greatest chairman in the history of the federal reserve board. he faced 15 to 20% inflation okay which was destroying our economy and the rest of the world's economy. i believe that was the greatest crisis of all. he conquered it. he conquered it and did it the old-fashioned way. he removed money supply, raised interest rates and was successful and frankly that set the tone to 25 years of prose peerty. >> elan, weigh in on that. do you agree or give the nod to mr. greenspan or bernanke. >> one thing that is forgotten about paul volcker how much political and public opposition he faced to his policies at the time. you got to remember, there were farmers actually blocking the front entrance of the federal reserve at the time with their tractors to protest the interest rate increases. so the level of public outcry at the
larry, you want to give it to paul volcker, but in all fairness you worked with paul volcker so maybe you have an inside track on that. >> perhaps i do and i just saw him. look, i've been watching the fed or working at the fed since the middle 1970s. paul volcker is the greatest chairman in the history of the federal reserve board. he faced 15 to 20% inflation okay which was destroying our economy and the rest of the world's economy. i believe that was the greatest crisis of all. he...
84
84
Dec 29, 2013
12/13
by
CSPAN
tv
eye 84
favorite 0
quote 0
volcker knows i am paying attention, vision without execution? is it possible to work as a world together? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the movement to the money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years, given from where you are, our population will go up to 8.5 billion by 2025. movement to cities, urbanization is key. if you look at the emerging countries and their demand and needs for greater resources, both looking at urbanization as well as population increase, extreme weather -- when you begin -- and the depletion of some of the resources -- looking at the infrastructure demand, ernst & young estimates 57 trillion until 2030. the amount of money that could be lost and resources or that could be saved could make a huge differenc
volcker knows i am paying attention, vision without execution? is it possible to work as a world together? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the movement to the money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one....
47
47
Dec 27, 2013
12/13
by
CSPAN2
tv
eye 47
favorite 0
quote 0
paul volcker's question was what would you do that too, three and four after he the first day. it took months to do this and of course with the crisis at the same time. the policymakers would be tempted to whatever law they made yesterday change it. we don't want to get there so the question is how do we stop this? the strong message of our book is this is not an earthquake. this is not a natural disaster. this is something that we can do huge amount to avoid and prevent and while we do that also get a better and safer system, less loaded with subsidies. just about everything you think about as good. >> host: we have been talking with anat admati who is a professor of finance and economics at stanford university and the co-author of this new book,
paul volcker's question was what would you do that too, three and four after he the first day. it took months to do this and of course with the crisis at the same time. the policymakers would be tempted to whatever law they made yesterday change it. we don't want to get there so the question is how do we stop this? the strong message of our book is this is not an earthquake. this is not a natural disaster. this is something that we can do huge amount to avoid and prevent and while we do that...
132
132
Dec 11, 2013
12/13
by
KICU
tv
eye 132
favorite 0
quote 0
"volcker rule says banks can't 'play' with their own money. they can't gamble, they can't invest in hedge funds or private equity companies of speculative trading unless a customer requests it." financial analysts say a key part of enforcement will be to identify market-making apart from proprietary trading. a new ceo is named at general motors and it makes for an historic appointment. become the first female ceo of a major automaker. barra has spent her career at g-m and is currently executive vice president of global product development, purchasing and supply chain. g-m's current ceo, dan akerson, moved up his retirement date after his wife was diagnosed with cancer. lululemon is making changes at the top after months of controversy. founder and chairman chip wilson is stepping down. c-e-o christine day will be replaced by laurent po-dev-in, former president of toms shoes. lululemon is hoping the new leadership will help the brand expand globally and put a series of quality issues and other gaffes behind it.but will investors follow? david j
"volcker rule says banks can't 'play' with their own money. they can't gamble, they can't invest in hedge funds or private equity companies of speculative trading unless a customer requests it." financial analysts say a key part of enforcement will be to identify market-making apart from proprietary trading. a new ceo is named at general motors and it makes for an historic appointment. become the first female ceo of a major automaker. barra has spent her career at g-m and is currently...
79
79
Dec 10, 2013
12/13
by
KQEH
tv
eye 79
favorite 0
quote 0
how about the so-called volcker rule, and will it protect you? coming up. >>> in a rare show of unity, eight of the nation's biggest tech companies have pushed limits. google, microsoft, apple, facebook, twitter, linked in, yahoo! and aol sent an open letter to congress, calling for reforms and restrictions on how the government collects data on internet users. they also want government agencies to be more transparent on what they're looking for. >>> well, some of the tech companies have seen their share prices soar this year, but not every company has been so foreig fortunate. we take a look at some of the stocks. >> reporter: dogs to darlings, when one of the biggest losers one year turn into rising stars the next. it is a trend that the portfolio managers watch closely. >> it is almost a wall street tradition but not one lightly taken, and especially in a year where you have seen significant out-performance by many stocks. >> it happened last year when bank of america more than doubled. one of the top gainers in the s&p 500. a year after it lo
how about the so-called volcker rule, and will it protect you? coming up. >>> in a rare show of unity, eight of the nation's biggest tech companies have pushed limits. google, microsoft, apple, facebook, twitter, linked in, yahoo! and aol sent an open letter to congress, calling for reforms and restrictions on how the government collects data on internet users. they also want government agencies to be more transparent on what they're looking for. >>> well, some of the tech...
238
238
Dec 10, 2013
12/13
by
BLOOMBERG
tv
eye 238
favorite 0
quote 0
wall street is front and center with the volcker rule. >> my agenda is definitely the volcker rule. it was meant to be voted on today, but the snow you just saw, for those of you on radio, it is coming down heavily in d.c. stilld, fdic, and occ plan to meet and vote on the rule that bans banks from crosstraining. at rule will be released 9:30 a.m. we hope to risk -- to see the results an hour after that. i know you hate the rule, but how do banks make money? >> they may have to go back to the future. if the economy improves, investment banking is going to get stronger. do --raining that they the trading that he do for their clients, which is always a fine a $2-- when you buy billion portfolio for your client and then you hold it on your balance sheet, is that a proprietary trade, when does it become a proprietary trade? they will be doing a lot of that. it will be doing a lot of management. wall street will figure out a way to make money once they figure out the rules. in 2014, are we going to get back to where the bankers, globally, have skin in the game? >> no, we're not. >> we ar
wall street is front and center with the volcker rule. >> my agenda is definitely the volcker rule. it was meant to be voted on today, but the snow you just saw, for those of you on radio, it is coming down heavily in d.c. stilld, fdic, and occ plan to meet and vote on the rule that bans banks from crosstraining. at rule will be released 9:30 a.m. we hope to risk -- to see the results an hour after that. i know you hate the rule, but how do banks make money? >> they may have to go...
1,404
1.4K
Dec 10, 2013
12/13
by
FBC
tv
eye 1,404
favorite 0
quote 1
today, banks turning banks upside-down, the ins and outs of the new rule named after fed chairman paul volcker. double or ruled in effect. another big story today would be the glass ceiling shattered in the auto sector.f general motor and what she may bring to the table. more snow this winter, these cold snaps have an economic impact especially in the heartland. details coming up and the handshake that has managed to make headlines this morning. could this moment between president obama and the leader of cuba lead to something bigger in economic relations between the two countries? we will talk about that and more as we get going on markets now. ♪ good to have you with us on markets now and we have a lot coming up. we have big issues in a few minutes, we start with stocks and the markets pulling back a little bit from record highs that were set yesterday hanging above 16,000 on the dow. nicole petallides on the floor of the stock exchange. nicole: the dow jones industrials pulling back, 16,008 holding at 16,000 mark to the s&p holding 18 under market, a record close for the s&p 500, down two
today, banks turning banks upside-down, the ins and outs of the new rule named after fed chairman paul volcker. double or ruled in effect. another big story today would be the glass ceiling shattered in the auto sector.f general motor and what she may bring to the table. more snow this winter, these cold snaps have an economic impact especially in the heartland. details coming up and the handshake that has managed to make headlines this morning. could this moment between president obama and the...
116
116
Dec 11, 2013
12/13
by
CNBC
tv
eye 116
favorite 0
quote 0
government regulators approve the volcker rule. cnbc has more. stay with us. we're "the kudlow report". across the country has brought me to the lovely city of boston. cheers. and seeing as it's such a historic city, i'm sure they'll appreciate that geico's been saving people money for over 75 years. oh... dear, i've dropped my tea into the boston harbor. huhh... i guess this party's over. geico. fifteen minutes could save you fifteen percent or more on car insurance. but with less energy, moodiness, and a low sex drive,y first. i saw my doctor. a blood test showed it was low testosterone, not age. we talked about axiron. the only underarm low t treatment that can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women especially those who are or who may become pregnant and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms to your
government regulators approve the volcker rule. cnbc has more. stay with us. we're "the kudlow report". across the country has brought me to the lovely city of boston. cheers. and seeing as it's such a historic city, i'm sure they'll appreciate that geico's been saving people money for over 75 years. oh... dear, i've dropped my tea into the boston harbor. huhh... i guess this party's over. geico. fifteen minutes could save you fifteen percent or more on car insurance. but with less...
217
217
Dec 31, 2013
12/13
by
FBC
tv
eye 217
favorite 0
quote 0
wall street's war on the volcker rule is actually heating up. after the lawsuit was filed by the american bankers association, regulators now considering dropping a provision of the rule that could force banks to sell off their investment. it says it could take a while to get through, more than the annual earnings, and if that provision actually is implemented, that is what they will have. we'll regulators stand firm, given to what is demands by wall street bankers? let's bring in the professor of economics. we have been debating this going on three years now, coming out and filing a lawsuit, they are not giving up. do you wonder if the volcker rule will be diminished piece by piece by piece? >> i don't think so. this particular thing they are suing over is not really at the center of the volcker rule. the center is proprietary trading. this isn't even on the outskirts of the volcker rule, it is on the outskirts of the outskirts. it is about this hybrid sort of hybrid security that some banks issued, it is capital for regulatory purposes. cheryl
wall street's war on the volcker rule is actually heating up. after the lawsuit was filed by the american bankers association, regulators now considering dropping a provision of the rule that could force banks to sell off their investment. it says it could take a while to get through, more than the annual earnings, and if that provision actually is implemented, that is what they will have. we'll regulators stand firm, given to what is demands by wall street bankers? let's bring in the professor...
96
96
Dec 10, 2013
12/13
by
FBC
tv
eye 96
favorite 0
quote 0
just moments ago, volcker himself praised the rule. we're going to tell you what the rule is, what it left out and how financial stocks are reacting during this last hour of trading. also another relic from the financial crisis, general motors getting a new chief executive. it is a first for detroit. mary berra is the first woman to run a major auto company, just one day after the u.s. treasury announced it had sold its last shares of gm stock, ending its partial own ownership since the 2009 bailout. this stock up about 93% over the last two years. there you go. and speaking of a historic first, will the newly-approved volcker rule hurt the large banks, or will it propel them forward? let's go to nicole petallides on the floor of the new york stock exchange to see how financials are reacting. we knew that the rule was coming. banks expecting it, but still, the question now is now what for these big names. >> reporter: now what. that's absolutely right. and we're seeing dow component today goldman sachs, for example, hitting a new 52-we
just moments ago, volcker himself praised the rule. we're going to tell you what the rule is, what it left out and how financial stocks are reacting during this last hour of trading. also another relic from the financial crisis, general motors getting a new chief executive. it is a first for detroit. mary berra is the first woman to run a major auto company, just one day after the u.s. treasury announced it had sold its last shares of gm stock, ending its partial own ownership since the 2009...
111
111
Dec 10, 2013
12/13
by
BLOOMBERG
tv
eye 111
favorite 0
quote 0
regulators approve the volcker rule. will it make the financial system safer? we have a panel to answer the question. and later on, john, paul, george, and ringo -- well, they sort of joined me. we will talk to the members of strawberry fields about the business of tribute bands. ♪ x after years of debate among the volcker rule was approved by all five u.s. regulators. allows some exemptions for hedging and market making. it also limits hedge funds and private equity investments. and to to discuss this find out whether this will make our financials any safer, donald linson, and joining us from washington dc parts of thensform legislation. with its effects on wall street, daniel alpert. atounding managing partner lamson capital. rule?s in the volcker what is it all about? >> you have a very nice summary. thank you for having me. things.two it tries to restrict proprietary trading and investments in hedge funds, and it takes 950 pages to do it. >> if it takes 950 pages to do it, can you explain exactly why it takes so many pages to put ofether the details somet
regulators approve the volcker rule. will it make the financial system safer? we have a panel to answer the question. and later on, john, paul, george, and ringo -- well, they sort of joined me. we will talk to the members of strawberry fields about the business of tribute bands. ♪ x after years of debate among the volcker rule was approved by all five u.s. regulators. allows some exemptions for hedging and market making. it also limits hedge funds and private equity investments. and to to...
66
66
Dec 27, 2013
12/13
by
CSPAN2
tv
eye 66
favorite 0
quote 0
when you get to that point, as paul volcker said at our first meeting when we are presented, what fdic would've done if it had authority to resolve lehman brothers instead of sending lehman brothers to bankruptcy, it would have done great, paul volcker's question was, what would you do on day two, three, fofour after you do this the fit day? of course we had months to sort of reduces and, of course, in a crisis they all came at the same time. the policymakers would be tempted to whatever law they made yesterday, change it because of the crisis last time. we don't want to get the. the question is, if this is the earthquake or not, the book, this is not an earthquake. this is not a natural disaster but this is something that can do a huge amount to avoid and prevent. and while you do that also get a better, safer system, less bloated with subsidy system. just about everything you can think about is good. hardly anything to think about is bad unless you're a banker. >> we have been talking with anat admati who's a professor of finance and economics at the graduate school of business here
when you get to that point, as paul volcker said at our first meeting when we are presented, what fdic would've done if it had authority to resolve lehman brothers instead of sending lehman brothers to bankruptcy, it would have done great, paul volcker's question was, what would you do on day two, three, fofour after you do this the fit day? of course we had months to sort of reduces and, of course, in a crisis they all came at the same time. the policymakers would be tempted to whatever law...
102
102
Dec 15, 2013
12/13
by
BLOOMBERG
tv
eye 102
favorite 0
quote 0
. >> before we get back to hedge funds, what do you make of the volcker rule? will it change the tone in any way? >> our clients are not talking about it. this is a wall street phenomenon. i think that probably, if history is our guide, they will over regulate and make adjustments over time. the concept of the volcker rule is good for markets. >> you feel like you promote stability? things cannot go out on the ledge and take unnecessary risks. >> i think that makes it more stable. we have to make sure that the banks and big institutions do not trade against clients. it is one thing to provide liquidity and it is another to trade against clients. perhaps before the regulation came in, we had gotten too carried away. >> the banks well known to have done them. you mentioned hedge funds. where specifically do you e opportunities in the new year? >> i think that certain hedge funds provide great risk and return opportunities. we like japan. it has been one of our best positions. it has turned out exceptionally well. but it is early in the game. it is the third or fo
. >> before we get back to hedge funds, what do you make of the volcker rule? will it change the tone in any way? >> our clients are not talking about it. this is a wall street phenomenon. i think that probably, if history is our guide, they will over regulate and make adjustments over time. the concept of the volcker rule is good for markets. >> you feel like you promote stability? things cannot go out on the ledge and take unnecessary risks. >> i think that makes it...
49
49
Dec 23, 2013
12/13
by
CSPAN2
tv
eye 49
favorite 0
quote 0
secretary, my question is about the volcker rule. like you, i was pleased to see that the regulators final -- finally came out with a rule. i think it's strong and comprehensive. i'm concerned by the exsense for pro pry tear trading with respect the sovereign bonds. frankly, the bonds. the hmm bank brought low by investment in greek debt is probably not just an idea. certainly a possibility in the future. i wonder if you can address the ability under the volcker rule of the banks to invest in securities which could be risky and volatile over time. >> congressman, obviously our initial core concern was the treatment of u.s. treasuries. and issues arose particularly with regard to the impact that the rule would have on banks with relationship with other foreign nationals and their sovereign debt. i believe the way provisions were worked out provides guidelines, you know a path for sovereign debt to be treated appropriately. i am -- i think if you look at the structure of the resume it's clear there is accountability at the level of the
secretary, my question is about the volcker rule. like you, i was pleased to see that the regulators final -- finally came out with a rule. i think it's strong and comprehensive. i'm concerned by the exsense for pro pry tear trading with respect the sovereign bonds. frankly, the bonds. the hmm bank brought low by investment in greek debt is probably not just an idea. certainly a possibility in the future. i wonder if you can address the ability under the volcker rule of the banks to invest in...
97
97
Dec 11, 2013
12/13
by
BLOOMBERG
tv
eye 97
favorite 0
quote 0
our markets editor manus cranny has more on the volcker rule. david tweed has an update on the eu's bank failure plan. banks? a victory for the did bank lobbying actually pay off? >> i think probably yes. a lot of lobbying and they got a delay through to 2015 in terms of implementing volcker. what is the rule mean? i think it is good for liquidity. it is good for the customer and it brings ceos to heal. the biggest issue with the volcker rule was the difference between what you do on a trading desk and what you do on a market-making desk. there are broad exemptions for market-making. you don't pay the staff as used up a proprietary traders. foreign bonds, you can train those but you can pick and mix on hedging. the exemptions are there. say, i know that my clients probably need that amount of inventory for me to meet their needs. the big issue for the banks was, you're going to frighten liquidity away. >> jamie dimon was very active in the debate around the volcker rule. -- londonnding well whale trading incident? >> when we look at this, this w
our markets editor manus cranny has more on the volcker rule. david tweed has an update on the eu's bank failure plan. banks? a victory for the did bank lobbying actually pay off? >> i think probably yes. a lot of lobbying and they got a delay through to 2015 in terms of implementing volcker. what is the rule mean? i think it is good for liquidity. it is good for the customer and it brings ceos to heal. the biggest issue with the volcker rule was the difference between what you do on a...
144
144
Dec 10, 2013
12/13
by
FBC
tv
eye 144
favorite 0
quote 0
adam: approving the volcker rule today. we are waiting on votes to officially accept the addition of restrictions on banks following the financial crisis. joining us now to discuss this in an exclusive interview with a former drafter of the volcker rule, a partner in washington, d.c. and i should point out you were on the initial committee that wrote the initial version of it, but you left in 2010, 11, and what got voted on today was not what you actually would have been in favor of, correct? >> first, thanks for having me. what i worked on was initial statutory language, which was a page and a half long. adam: and now it is 900 pages. explain to me, somebody who is not a lawyer, what this means for the average guy on the street. and m i protected as a u.s. taxpayer from what had been a concern of mr. volcker from banks gamble and with money because they could be bailed out by us? >> first of all all banks engage in taking risks. so you will never eliminate risk from the system. the idea there will never be too big to fail
adam: approving the volcker rule today. we are waiting on votes to officially accept the addition of restrictions on banks following the financial crisis. joining us now to discuss this in an exclusive interview with a former drafter of the volcker rule, a partner in washington, d.c. and i should point out you were on the initial committee that wrote the initial version of it, but you left in 2010, 11, and what got voted on today was not what you actually would have been in favor of, correct?...
138
138
Dec 10, 2013
12/13
by
BLOOMBERG
tv
eye 138
favorite 0
quote 0
moving from volcker to this, everybody. all day today we're taking you inside u.p.s., the world's biggest packaging delivery company this year sbrounsed orion, a system that crunches data to save a fraction of a mile on a driver's daily route. our chief correspondent carol masser is at world port, u.m.s.'s hub in louisville. let's talk about it. why is it such a big deal because a fraction doesn't sound like much. >> you're right but if you add the fractions of a mile especially when you have so many drivers driving so many miles it potentially adds up to savings for u.p.s. this company has been working on orion for more than a decade and basically the u.p.s. softwarer ining came up with a algorithm that works with the physics of the driving right. >> this is the orion, the algorithm that makes u.p.s. tick. >> algorithm isn't something you expect to hear. but orion is changing the delivery. >> we're the trucking company that had the technology. the truth is we're a technology company that has trucks. >> orion is a program 1
moving from volcker to this, everybody. all day today we're taking you inside u.p.s., the world's biggest packaging delivery company this year sbrounsed orion, a system that crunches data to save a fraction of a mile on a driver's daily route. our chief correspondent carol masser is at world port, u.m.s.'s hub in louisville. let's talk about it. why is it such a big deal because a fraction doesn't sound like much. >> you're right but if you add the fractions of a mile especially when you...
118
118
Dec 29, 2013
12/13
by
CSPAN
tv
eye 118
favorite 0
quote 0
volcker is speaking? >> well, i need to go back to jim. we have been mining those ever since and keep using them. many were with us at our 20th anniversary of transparency international in berlin, and this is part of what we talked about, and president kim, we are also mining your words, especially your speech at the cfif, a very important speech in terms of demonstrating the current leadership of the bank for this issue. you know, listening to paul and president kim talking about the effect on people, this is what is going through my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe, and you look at the number of indices -- let's take maternal mortality -- in those cases, over 480 women die each year out of 100,000. when you look at countries where less than 30% of the people say they had to pay a bribe in the last year, 57 women died. if you take it down further, then it is about 10 out of 100 women. you could do the same with water and all the indices you're talking about.
volcker is speaking? >> well, i need to go back to jim. we have been mining those ever since and keep using them. many were with us at our 20th anniversary of transparency international in berlin, and this is part of what we talked about, and president kim, we are also mining your words, especially your speech at the cfif, a very important speech in terms of demonstrating the current leadership of the bank for this issue. you know, listening to paul and president kim talking about the...
576
576
Dec 5, 2013
12/13
by
BLOOMBERG
tv
eye 576
favorite 0
quote 0
that was not the intended goal of the volcker rule. so you have regulators that have lobbied aggressively trying to discern exactly how to write this language and protect those businesses without undoing the goal of the original rule which was to prevent against more risk in the system. been leading the push to write the toughest language possible notable because he is the former goldman sachs executive. on final rule up for vote tuesday. banks to showe that they are hedging a specific risk. not their entire portfolio. the speech on regulation here in washington signaling. risky proprietary trading while protecting economically essential activities like market making. the rule prohibits risky trading that like the london whale with mitigating hedges. it puts in place strong compliance requirements in charge of financial institutions to make sure that the tone at the top sends the right signal to the whole firm. >> the reference to the london whale significant because it was trying a portfolio hedge. the bottom line is that it will not
that was not the intended goal of the volcker rule. so you have regulators that have lobbied aggressively trying to discern exactly how to write this language and protect those businesses without undoing the goal of the original rule which was to prevent against more risk in the system. been leading the push to write the toughest language possible notable because he is the former goldman sachs executive. on final rule up for vote tuesday. banks to showe that they are hedging a specific risk....
14
14
tv
eye 14
favorite 0
quote 0
see under the volcker rule banks will still be able to hide behind something called market making which is when a bank buys and sells securities like stocks and bonds on behalf of clients the rule as it's written now leaves an enormous gray area in determining what is proprietary trading and what's market market making rather furthermore one of the most egregious parts of the law makes banks managers themselves responsible for testing but their banks are complying with the rules absolutely genius because banks policing themselves worked out so well for the american people back in two thousand and eight so while i applaud the attempt at reform here let's not forget that we're living in a corporatocracy and as long as corporations ultimately dictate these laws i'll be breaking the set. it was. very hard to take that. i never had sex with their.
see under the volcker rule banks will still be able to hide behind something called market making which is when a bank buys and sells securities like stocks and bonds on behalf of clients the rule as it's written now leaves an enormous gray area in determining what is proprietary trading and what's market market making rather furthermore one of the most egregious parts of the law makes banks managers themselves responsible for testing but their banks are complying with the rules absolutely...
198
198
Dec 10, 2013
12/13
by
BLOOMBERG
tv
eye 198
favorite 0
quote 0
- of the volcker >> our clients are not talking about it. i think this is a wall street phenomenon and the news media 20 carry it. probably, if history is our guide, they will over regulate and make some adjustments over time. but i think the concept of the full parole is good for the markets. >> you think -- of the volcker role promotes the markets. -- is good for the markets. >> you think it promotes stability? >> i think it makes it more stable and we have to make sure the banks and big financial institutions do not trade against clients. it is one thing to provide liquidity and another thing to trade against clients. perhaps before the regulation came and we had gotten too carried away. >> brinks were -- things were known to have done that. you mentioned hedge funds, more money going into there, where specifically do you see opportunities? >> as i said, i think certain hedge funds provide great risk opportunities. i have told you before, we like japan. it has been one of our biggest positions for the year and has turnout deceptively well
- of the volcker >> our clients are not talking about it. i think this is a wall street phenomenon and the news media 20 carry it. probably, if history is our guide, they will over regulate and make some adjustments over time. but i think the concept of the full parole is good for the markets. >> you think -- of the volcker role promotes the markets. -- is good for the markets. >> you think it promotes stability? >> i think it makes it more stable and we have to make...
149
149
Dec 17, 2013
12/13
by
CNBC
tv
eye 149
favorite 0
quote 0
that middle picture is supposed to be paul volcker. then there's alan greenspan, and the last one is your humble correspondent. bob mcteer, who is the best federal reserve chairman in the modern time? >> well, they brought different strengths. paul volcker really was courageous in staying with his policy that was very, very unpopular until it succeeded. of course, i love alan greenspan's wisdom. i spent all my 14 years on the committee with him as chairman. and ben bernanke has really surprised me with his creativity in dealing with unprecedented situations. but i guess my heart is with greenspan. >> yeah, i mean, i got to say, dan clifton, look, i worked for volcker once upon a time. stayed in touch throughout the years. i believe he's the greatest central banker. in fact, i believe he's the greatest central banker since the federal reserve was created in 1913 because he basically eliminated a 15% inflation rate which was destroying the economy and the financial markets and every other darn thing. and he did it against great political
that middle picture is supposed to be paul volcker. then there's alan greenspan, and the last one is your humble correspondent. bob mcteer, who is the best federal reserve chairman in the modern time? >> well, they brought different strengths. paul volcker really was courageous in staying with his policy that was very, very unpopular until it succeeded. of course, i love alan greenspan's wisdom. i spent all my 14 years on the committee with him as chairman. and ben bernanke has really...
16
16
tv
eye 16
favorite 0
quote 0
who you know guess who pays his campaign funds but but but yes we need someone to come in but i think volcker even did it for the banks he recognized that even the banks were going to lose if he didn't get control of the situation so i wouldn't i wouldn't be a fireball courier unnecessarily either but the best of the bunch he doesn't even get a gold star from me. now if you're thinking. in general oh gold gold was the most interesting market this year and i have never eaten so many bags of garbage you know what i was going to say. this year is gold but if you look at all the things that happen in gold every single shred of evidence this year in the market said that the demand for physical gold was soaring every bit of news coming out of the global precious metal system said the demand for physical gold was huge the only thing that seemed to fly in the face of that is the price so i don't mind owning gold now came to the difference between physical gold and paper gold yet physical gold it has to exist paper gold it doesn't have to exist and something i've seen estimates that there's one hundre
who you know guess who pays his campaign funds but but but yes we need someone to come in but i think volcker even did it for the banks he recognized that even the banks were going to lose if he didn't get control of the situation so i wouldn't i wouldn't be a fireball courier unnecessarily either but the best of the bunch he doesn't even get a gold star from me. now if you're thinking. in general oh gold gold was the most interesting market this year and i have never eaten so many bags of...
105
105
Dec 22, 2013
12/13
by
CSPAN
tv
eye 105
favorite 0
quote 0
volcker, i see her nodding. what is going through your mind? >> we have been mining those ever since. we keep using them. this was part of what we talked about. president kim, now we are mining your words. your speech at the csis which was an important speech. listening to both paul and president kim, talking about the effect on people -- this is what came to my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe. in those cases, over 480 women die each year out of a hundred thousand. in countries where less than 30% of people said they had to pay a bribe, less than 57 women died. there is the same thing with water and all these indices. the point that i would like to go back to in terms of paul is the one about how people -- it is not just that it kills people, it prevents them from having a life or quality of life, it concentrates the money into the hands of 10% of the population. it is also what happens with the trust of the people in their government. this, when we do surveys and
volcker, i see her nodding. what is going through your mind? >> we have been mining those ever since. we keep using them. this was part of what we talked about. president kim, now we are mining your words. your speech at the csis which was an important speech. listening to both paul and president kim, talking about the effect on people -- this is what came to my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe. in those...
70
70
Dec 10, 2013
12/13
by
CNBC
tv
eye 70
favorite 0
quote 0
the volcker rule is not a game-changer for morgan stanley. so i can't say i've gone through the new volcker rule, all of the details. i'm not sure exactly what's in there. having said that, i'm not the least bit worried about morgan stanley hasn't adjusted. in their fixed income trading business, morgan stanley's risk is one-fourth what it used to be at the time of the crisis. the assets in that area are one-third less, and the revenues as a percent of total are one-half less. so they've already downsized and contained their fixed income trading. they've gotten rid of the proprietary-like activities, so as it relates to morgan stanley, perhaps the rid of the uncertainty to getting the final volcker rule can still be a positive catalyst. so i still like morgan stanley as much as any time, and if anything, i mean, retail investors are a little more engaged. the stock market is a little higher. and don't forget that this evolution of morgan stanley, one-half of the company is in wealth management, in the brokerage business, and they're still tra
the volcker rule is not a game-changer for morgan stanley. so i can't say i've gone through the new volcker rule, all of the details. i'm not sure exactly what's in there. having said that, i'm not the least bit worried about morgan stanley hasn't adjusted. in their fixed income trading business, morgan stanley's risk is one-fourth what it used to be at the time of the crisis. the assets in that area are one-third less, and the revenues as a percent of total are one-half less. so they've...